Question: Working Backward: Allowance for Doubtful Accounts Olson Corp. reported the following in the Current Assets section of its December 31, 2016, balance sheet: 12/31/16 12/31/15

Working Backward: Allowance for Doubtful Accounts

Olson Corp. reported the following in the Current Assets section of its December 31, 2016, balance sheet:

12/31/16 12/31/15
Accounts receivable, net of allowances
of $5,170 and $2,920, respectively $55,870 $48,630

During 2016, Olson recorded $79,880 of sales on credit and wrote off $3,990 of uncollectible accounts.

Required:

1. Determine the amount of cash collected during 2016 from sales on credit. $fill in the blank 1

2. Determine the amount of bad debts expense for 2016.

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